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Starting a new chapter with a partner often involves important financial considerations. Whether you’re planning to get married or enter a committed relationship, understanding the details of a Binding Financial Agreement (BFA) – commonly known as a prenuptial agreement – is essential for protecting your financial interests and providing peace of mind for the future.
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My experience with Orman solicitors has been truly amazing with there professional team of experts. I could not be happier with the outcome off my family law settlement and would highly recommend Orman solicitors for all your legal matters.
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I’d like to share, my upmost Respect to Ormans Solicitors team members, they had my back, got me through the most difficult times, I was so overwhelmed worrying about everything, would all sort out. I would recommend them out there, they certainly give you the support, comforting, that its all going to be ok. Maggie, and the team are just Amazing. I’d like to Thank, each and every one of them for helping through, with there dedication and outcome certainly was of comfort, Good ending. I was so Happy, I chosen Ormans Solicitors. You are All a Great Team. I will Always be Grateful. Thank you to All of You.
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When I first approached Maggie I was financially destitute and frightened, my settlement was not going well, I had been dropped by another solicitor because they felt that my case was to difficult and time consuming. Maggie helped me to feel at ease she assured me that I everything would be okay and then she and her staff went to work. She helped me to stay strong when I was ready to give up and just take anything to make the whole mess go away and fought for me to get an amount that was acceptable. I highly recommend Maggie and her team they truly do go above and beyond the call to ensure that their clients get the absolute best result possible.
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Maggie has been my solicitor for a number of years – in all that time, I have found her to be professional, hardworking, honest and respectful. She has shown compassion, empathy and helped my family through the toughest times when we needed it most. I have recommended her to friends and relatives, who have also then gone on to recommend her and her firm.
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Empathy, dedication and passion are three words I would use to describe Maggie Orman and her team. Maggie has been my family lawyer for over 10 years and has guided me through many difficult periods of my life, and ensured I came out the other end a stronger woman and mother. Maggie is rational, compassionate and highly ethical. I felt that she truly cared about me, my family and our wellbeing. Maggie’s skilful advice and counsel achieved an incredibly quick resolution, and kept costs to a minimum. I will continue to use Maggie Orman Solicitors for all my family law requirements and highly recommend her to anyone requiring a family lawyer.
Joan Rached
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The Barnett family are very thankful to Maggie and the whole team for doing all the groundwork to get our case a great result. We are very happy with their help and wish to give them credit for their hard work to get our matter up and going.
The Barnett Family
Maggie Orman
Principal
Renata Matyear
Senior Solicitor
Eileen Newcombe
Senior Solicitor
Binding Financial Agreements FAQ
What is a Binding Financial Agreement (BFA)?
A Binding Financial Agreement (BFA) sometimes referred to as a ‘prenuptial agreement’ or ‘prenup’ is a legally binding contract made between parties in a de facto relationship, a marriage, or a same-sex relationship in Australia. Its primary purpose is to set out the financial arrangements in the event of a breakdown in the relationship, including property division, spousal maintenance, and other financial matters. Essentially, it allows couples to make their own financial arrangements outside the Court system, providing a level of autonomy and control over their financial futures.
What are the key features of a Binding Financial Agreement?
- Binding Nature: As the name suggests, a BFA is legally binding. This means that both parties are bound by the terms and conditions outlined in the agreement.
- Financial Disclosure: Full financial disclosure is essential. Both parties must provide a comprehensive overview of their assets, liabilities, and financial resources. Failure to do so may render the BFA invalid.
- Independent Legal Advice: Each party must seek independent legal advice before signing the agreement. This ensures that both parties fully understand their rights and obligations.
- Certification: A BFA must be in writing and signed by all parties. Each party’s lawyer must also sign a certificate confirming that they have provided legal advice.
What are the types of Binding Financial Agreements?
In Australia, there are three main types of Binding Financial Agreements:
- Before Marriage or De Facto Relationship (Prenuptial Agreement): These agreements are made before a marriage or de facto relationship begins and outline how the parties will divide their property and assets if the relationship ends.
- During Marriage or De Facto Relationship (Postnuptial Agreement): These agreements are made during the marriage or de facto relationship, allowing parties to clarify their financial arrangements at any stage.
- After Separation or Divorce: Following the breakdown of a relationship, parties can enter into a BFA to formalise their property settlement and financial matters outside of Court.
Why get a Binding Financial Agreement?
Binding Financial Agreements offer several benefits, including:
- Certainty: They provide a clear roadmap for financial matters in the event of a relationship breakdown, reducing uncertainty and potential conflicts.
- Privacy: BFAs allow parties to keep their financial affairs private, as opposed to Court proceedings where numerous parties will be involved to settle your matter.
- Autonomy: Couples can make their own decisions regarding property and financial matters, rather than relying on a Court’s judgment.
- Cost-Effective: Avoiding Court proceedings can save both time and money.
Prenup FAQ
What is the difference between a binding financial agreement and a prenup?
A prenuptial agreement, or prenup, is typically created before a couple gets married. In contrast, a Binding Financial Agreement (BFA) can be established at any point – before, during, or even after a marriage or de facto relationship – to define the division of assets and financial responsibilities.
What does a BFA/prenup include?
A Binding Financial Agreement (BFA) or prenuptial agreement typically begins by outlining the personal details of both parties, their relationship history, and any children from the relationship. This foundational information sets the context for the agreement, which then details the division of assets, financial responsibilities and other terms related to the couple’s financial arrangements.
How important is a prenup/BFA?
A Binding Financial Agreement (BFA) or prenuptial agreement is a vital legal document that allows spouses to waive entitlements to maintenance or property interests, provided it complies with regulations, both parties receive independent legal advice, and it is properly drafted.
BFAs play a crucial role in preventing costly Court disputes over property division and maintenance. By clearly outlining terms from the outset, these agreements can save significant time and legal fees, preserving the overall asset pool and offering peace of mind. They are a small investment that provides substantial protection against lengthy and expensive Court battles.
What is a prenup in Australia? How does it differ from a BFA?
The term “prenup” is primarily associated with American culture. In Australia, the official legal term is Binding Financial Agreement (BFA), as defined by the Family Law Act 1975.
BFAs encompass all types of financial agreements made before, during, or after a marriage or de facto relationship.
A prenuptial agreement is a specific type of BFA, created before entering into a marriage to outline how assets will be managed if the relationship ends.
Which is better, a prenup or a postnup?
There is no fundamental difference between prenuptial and postnuptial agreements, as both are types of Binding Financial Agreements (BFAs) that can be made before or after the start of a relationship, or even after separation.
Each serves the same purpose: to establish how assets, liabilities, and financial responsibilities will be managed if the relationship ends. The timing of when the agreement is made – before or during the relationship – does not change its legal enforceability, provided it meets all legal requirements.